Revenues return to pre-pandemic levels at Jaywing
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Marketing agency Jaywing has reported 24% growth in Net Revenue compared to its prior period, with significant new business wins, as it issues its interim results for the six months ended 30 September 2021.
The Sheffield and Leeds-based listed business achieved net revues of £11.6m (H1 2020: £9.3m) along with a £0.9m underlying improvement in Adjusted EBITDA, excluding salary sacrifice and Covid-19 Government support income.
Jaywing also made a pre-tax loss of £44,000 (H1 2020: £251,000 pre-tax loss).
And £641,000 worth of cash was generated from operations excluding salary sacrifice and Covid-19 Government support income, compared to £566,000 in the prior period.
Andrew Fryatt, CEO, said: “We are pleased to report Net Revenue growth of 24% in H1, returning to pre-pandemic levels, despite what continues to be a challenging market.
“Net Revenue per head increased by 22% year on year to £40,000.
“The business also achieved a significant improvement in underlying profitability, which has been somewhat masked by the impact of Covid-related support and salary sacrifice during 2020. Excluding these, EBITDA improved from £0.041m to £0.986m.
“A highlight of the first half was taking on the marketing for Skipton Building Society, in addition to our existing relationship in Risk Consulting.
“We have also won new business in the UK from Cox Automotive, Rush Hair & Beauty, CityFibre, HSBC, Vive, and Avant Homes, along with contract extensions with major clients, including Secure Trust.
“Within the UK, we have significantly increased the cross selling of services to clients across our two established business streams – Risk Consulting and Integrated Marketing, which overlap in the underlying role of Data Science.
“The application of Data Science techniques and technologies to marketing challenges is resonating strongly with both new and existing clients, supporting Jaywing’s distinctive positioning in our markets.”